The Ministry of Economic Development has released statistics revealing USD 200 million worth foreign investments registered in the Maldives in 2017.
The statistics were revealed at a news conference held by the ministry, where the Registrar of Companies, Ms. Maryam Visam, confirmed that 10 different foreign companies have registered within the first quarter of 2017 and that the companies will be investing USD 200 million within the next 5 years. She revealed that the companies were largely in the tourism industry, but also includes the construction industry and whole trading, while reiterating that companies looking to invest in the Construction industry are required to invest upwards of USD 5 million; smaller investments will require a no less than 35% shares to be owned by either a local or local entity.
Earlier this year, the Ministry of Economic Development announced plans to improve the country’s ranking of the World Bank’s Ease of Doing Business Index, where Maldives is currently placed at 135th. The Minister of Economic Development, Mr. Mohamed Saeed indicated to news media that there were several action plans and development projects in planning for the year to bring the efforts to fruition.